Your June Market Update

May 2020 wasn’t immune to COVID-19’s impact, but it did show promising signs.

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What kind of summer market can we expect? Well, here are last month’s stats to give you an idea of how the market is bouncing back after the initial COVID-19 shock:

Week of May 4—May 10, 2020

Average sales price: $289,242
Number of homes sold: 318
Median sales price: $247,494

Week of May 1—May 17, 2020

Average sales price: $284,937
Number of homes sold: 398
Median sales price: $242,500

Week of May 18—May 24, 2020

Average sales price: $295,669
Number of homes sold: 452
Median sales price: $247,400

Week of May 25—May 31, 2020

Average sales price: $305,679
Number of homes sold: 473
Median sales price: $255,700

Week of June 1—June 7, 2020

Average sales price: $315, 656
Number of homes sold: 447
Median sales price: $259,000

 

Overall, the market outlook is positive—we just need more of you to raise your hand and say, “I’m ready to sell my house.”

 

Despite a slight dip in closed sales as we entered the month of June, it’s evident that the market is crawling out of the hole. Remember: At the end of March, we were at 696 sales with an average price of $286,357. Sales got knocked down to the 300 range, but the tables are turning. Prices are actually up 2% year over year, inventory is low, and, just based on my most recent experience helping clients, I fully expect the next wave of stats to be even more promising.

There has, however, been a 20% decrease in sales from 2019 due to low inventory. Days on market increased slightly (9%), but there are still just not enough homes out there for sale. We’re working back toward what would be a normal cycle, but pent-up demand will make this summer crazy; everyone’s rushing in to get things done before school starts, and members of the military just got the green light to move again—buckle up!

Also, for those who are curious, the average price per square foot increased from $126 in May 2019 to $131 in May 2020. So, overall, the market outlook is positive. We just need more of you to raise your hand and say, “I’m ready to sell my house.”

If you’re thinking about selling, M. Stagers Realty Partners is a great place to call. Reach out by phone or email if you have any questions at all. We’re here to help!

Categories: Market Update.